Anxious Days For Shipping Companies

Chronicle (Levin), 2 July 1949, Page 4

Anxious Days For Shipping Companies

— - — . .«> Eeeeived Friday, 7 p.m. ' - LONDON, July 1. The three prineipal faetors - yrhich gave shipowners much anxiety in these postwar years, were the cost of new tpnnage, operating expenses and deiays ip ports, said Sir William Gurrie", af'thfi annpal meeting of the Peninsular npg Oriental Steam Navigation Gompany..-' A careful .study had.shown that l6U ships would be required to do the ■ work 107 did before the war. This was ' adireet result of slow turn Eounds, Prer. \^ar a fleet of 107 ships cost £24,000,o6p. 6ut 150 ships, if built at presenf. eosts,. \yould represent. a - cq,pitnl outlay: of £80,000,000. Operating costs, ineluding q.ormal depreeiation, would be in the region of £25,000,000 for 150 ships as against £7,000,000 on prewar vesseis. • All this, Sir William pointed put, to perform the same services and carry the same amount of oargo as in 1938. The company intended to give the fyest and eheapest eargo seryicp they eould but so long as ,the loading and discharging CQSt was so ino'rdinateiy high, freight rates wouid be also. ' Of nationalisation, he said his own view was that shipping ypuld UQt be nationalised. It was far too eomplicated an industry for a Governmep.t fq take over. Moreover, the British shlPping contribution was too yaluqhie tq Britain 's fore.ign exehange position for •qny Government to jeopardisp if aUd jjeopardised it would be if nationalisa'1•fipn vyere ever enforced. : i . — . • n '